Despite Brexit Fears, S&P 500 Halts Losing Streak. AUD May Fall

Asia Pacific Market Open – British Pound, Brexit, Theresa May, Trade Wars, SP 500, AUD/USD

  • British Pound index suffers its worst performance since June 2016 as Brexit draft now in jeopardy
  • Despite UK uncertainties, SP 500 halts 5-day losing streak on reduced US China trade war fears
  • Those may be in vain as 25% US tariffs on China still on the table, AUD/USD risks turning lower

Check out our 4Q forecast for the British Pound in the DailyFX Trading Guides page

After failing to make headway on UK Prime Minister Theresa May and her Brexit draft yesterday, the British Pound depreciated against its major counterparts by the most since the Brexit Referendum itself. Looking at an equally weighted Sterling basket below, it dropped about 1.85 percent which was the largest decline since June 2016.

GBP Index (Average Versus EUR, JPY, CAD and USD)

Despite Brexit Fears, Samp;P 500 Halts Losing Streak. AUD May Fall

Chart Created in TradingView

Within 24 hours of her address outside of 10 Downing Street, various cabinet ministers resigned such as Brexit Secretary Dominic Raab.

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